At various times during the later part of the 20th century, there was a small number of surveys and test wells drilled in Guyana. This work did not produce promise enough for oil companies to rush in with heavy investment in the area. They had easier more certain fruit to pick.

Territorial disagreements have also made the area unattractive for exploration. Both Suriname and Venezuela dispute some Guyanese offshore area ownership.

Recently, there has been renewed interest in the region. Successful reservoirs have been developed and the estimated quantity of viable oil has steadily risen over 10 Billion barrels. This rather modest figure will rise further as survey and exploration work gathers pace. Guyana may have many, many times that amount of oil waiting to be discovered. If so, this will make the impoverished country a significant future producer and much richer.

About The Author
Markus Woznica
Chewells Contributor

Markus is a renewable energy expert. The technology in this sector is changing fast. There is a... »

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Replies

• Francisco Martinez (Feb 27, 2024)
  There is a path to prosperity open to Guyana, but there are potential dangers along the way, including hyper inflation and civil unrest due to wealth disparity.
• Markus Woznica (Dec 15, 2023)
  It's now one of the fastest growing economies in the world! But tough times are ahead. The government will need to tackle the growing inequality, before it gets out of hand. They will also need to keep on top of inflation as the country's finances accelerate.
• Marky (Dec 15, 2023)
  Hope they don't end up like a Venezuela mess.

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